People going through divorce often cling to whatever represents security for them. Often, that can be the family home. It’s understandable, especially when there are children involved, to want to minimize the stress and changes for them. Retaining the family home in a divorce can provide a semblance of continuity that can provide the kids with peace of mind during the proceedings and beyond.
With that being said, it’s imprudent to make the decision to fight for the family home in a divorce without first crunching the numbers and considering all options.
If you intend to buy out your ex’s share of the family home, do your research first. Learning what is owed is the first step. Your buyout price will be approximately half of the equity in the home, less any other settlement adjustments.
You then need to take a hard look at your own income to determine whether you will qualify for a mortgage as a single-earner. You will need to cover the buy-out costs as well as the mortgage balance. Even if you qualify for a mortgage, you could wind up cash-strapped and house poor by struggling to keep it.
Unfortunately, you may learn that it’s just not viable to re-mortgage the property in only your name. Despite having to change residences during a divorce, kids can still thrive in a new environment, so all is not lost.
By working closely together with your Seymour family law attorney, you can negotiate for the best possible property settlement for you and your children to embark on your new life.